Leveraging Mobile Technology to Reach the Underbanked

Featuring Hope Credit Union

Hope Credit Union Gains Traction and New Members With Mobile Solutions

Underserved consumers in this country—about 68 million adults—represent a significant growth potential for credit unions seeking to expand membership and services in their local communities. Many of these consumers do not have traditional checking or savings accounts, but even those who do frequently rely on alternative financial services (AFS) providers for everyday transactions and credit products such as payday loans, check cashing, money orders, and remittances.

The size of this potential market is much larger than most people realize—fully 42% of all US households used some type of AFS in 2012, and the numbers have continued to grow. Most often, it costs AFS providers significantly more to provide services compared to traditional institution. These costs are passed on in higher fees to underserved customers—those who most need free or affordable financial products. Worse, using AFS services keeps them from building a credit history that could be used to secure more important financing in the future, such as an auto or home loan.

In this webcast, Bluepoint Solutions, Richard Campbell, CFO of Hope Credit Union, and Scot Slay, Marketing and Communications Director for Hope Credit Union, discuss how Hope has successfully used mobile banking apps, mobile deposit, and community outreach programs to bring banking services to the underserved. The following topics are included:

  • The unbanked, underbanked and underserved—who and where they are
  • Innovative ways to reach underserved consumers
  • How mobile technology can boost access to staple financial services
  • Key mobile tools to reach and engage the underserved